Siacoin Cryptocurrency Review – The Ideea

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Siacoin Cryptocurrency Review – The Ideea

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Siacoin Cryptocurrency Review – The Ideea! Sia is a project that offers a decentralized and secure shut-off storage platform where information is stored onto the blockchain. The Siacoin (SC) is a cryptocoin which has been created to be used on the Sia Platform. This notion first surfaced back in 2013, in HackMIT. There is an easy idea behind it allows anyone to rent their storage area and get rewards in exchange for this particular usage.

Recently, Siacoin (SC) was making excellent progress in the cryptocurrency market. It has a few essential characteristics that make it stand apart from another cryptocurrencies( Bitcoin, Ethereum, Litecoin) and also make it a fantastic option for ICO tokens too.

When it premiered, the Siacoin was promising a greater attraction of user’s interest. Even if the platform is not so profitable to utilize for trading cryptocurrencies, it is a excellent opportunity to keep your data secure.

The cryptocurrency powering Sia transactions is named Siacoin (SC). It is the only money accepted on the Sia system, and it’s designed primarily to be used there, but naturally it may also be traded individually and even mined.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Basically, a consumer who wishes to store their data through Sia gets access into the market of Sia hosts, and they’re able to select a host or hosts based on bidding price. This competitive marketplace guarantees that consumers are getting the lowest available cost. Afterward, the user’s files are encrypted and dispersed into the consumer’s host or hosts of choice.

Compared with a lot of additional cryptocurrency projects, Sia’s largest selling point might be that it’s not only a whitepaper. Its core functionality — dispersed storage deals backed with blockchain File Contracts — is currently publicly available. There are more than 900 hosts out there on Sia storing over 200 TB of user information.